Phylogica inks $142 million license deal with Genentech

Australian drug discovery firm Phylogica (ASX: PYC) has extended its collaboration with Genentech, the biotech subsidiary of Swiss pharma giant Roche (ROG: SIX), by entering into a research and licensing agreement to discover novel antibiotics.

Phylogica will employ its Phylome drug discovery platform, including itsproprietary cell-penetrating peptide discovery technology to identify Phylomer peptides suitable for further evaluation.

Under the terms of the accord, Phylogica will receive an upfront $500,000. In addition, Phylogica is eligible to receive research, development, and commercialization milestone payments totaling up to $142 million.